Itay Goldstein

Itay Goldstein
  • Joel S. Ehrenkranz Family Professor, Professor of Finance, Professor of Economics, Coordinator of PhD Program

Contact Information

  • office Address:

    2253 Steinberg-Dietrich Hall
    3620 Locust Walk
    Philadelphia, PA 19104

Research Interests: corporate finance, feedback effects between financial markets and real economy, financial fragility and crises, financial institutions, financial markets

Links: CV, Personal Website



PhD, Tel-Aviv University, 2001; MA, Tel-Aviv University, 1998; BA, Tel-Aviv University, 1994.

Academic Positions Held

Joel S Ehrenkranz Family Professor, Professor of Finance, Professor of Economics

Other Positions (Selected)

Academic Advisor, Bank of Canada, 2015-; Visiting Scholar, Federal Reserve Bank of Richmond, 2013; Academic Consultant, Federal Reserve Bank of New York, 2011- ; Academic Consultant, Committee on Capital Markets Regulation 2010-2012; Visiting Scholar, Federal Reserve Bank of Philadelphia, 2005- ; Visiting Scholar, Princeton University, 2000-2001; Economist, Bank of Israel, 1998-2000.

Professional Leadership (Selected)

Co-founder and Inaugural President of the Finance Theory Group; Editor of the Review of Financial Studies; Previously Editor at Management Science and the Journal of Financial Intermediation; Co-organizer of Wharton Conferences on Liquidity and Financial Crises; Director of the American Finance Association; Director of the Western Finance Association; Previously Director of the Financial Intermediation Research Sociey; Elected Member of FARFE (Foundation for the Advancement of Research in Financial Economics); Member of FARFE Prize Committee, 2010.

Selected Press Coverage

Economist, Financial Times, National Public Radio, Forbes, Bloomberg, Ruters,, Morningstar.

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Past Courses


    The objective of this course is to study the major decision-making areas of managerial finance and some selected topics in financial theory. The course reviews the theory and empirical evidence related to the investment and financing policies of the firm and attempts to develop decision-making ability in these areas. This course serves as an extension of FNCE 611. Some areas of financial management not covered in FNCE 611 are covered in FNCE 726. These may include leasing, mergers and acquisitions, corporate reorganizations, financial planning, and working capital management, and some other selected topics. Other areas that are covered in FNCE 611 are covered more in depth and more rigorously in FNCE 726. These include investment decision making under uncertainty, cost of capital, capital structure, pricing of selected financial instruments and corporate liabilities, and dividend policy.


    This course provides students with an overview of the basic contributions in the modern theory of corporate finance and financial institutions. The course is methodology oriented in that students are required to master necessary technical tools for each topic. The topics covered may include capital structure, distribution policy, financial intermediation, incomplete financial contracting, initial and seasoned public offerings, market for corporate control, product market corporate finance interactions, corporate reorganization and bankruptcy, financing in imperfect markets, security design under adverse selection and moral hazard, and some selected topics.

In the News

Knowledge @ Wharton


In the News

Are Negative Interest Rates on the Way in the U.S.?

The U.S. could be headed for negative interest rate territory. Experts from Wharton and Michigan State University discuss the implications for the U.S. economy.

Knowledge @ Wharton - 2019/09/17
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